Core Viewpoint - The A-share market is experiencing a trend of "physical dividends," where listed companies are offering various tangible benefits to shareholders, such as free admission to tourist attractions and consumer products, as a way to enhance shareholder engagement beyond traditional cash dividends [3][4]. Group 1: Physical Dividends Trend - Over 30 A-share listed companies have initiated shareholder reward activities since 2025, covering sectors like tourism, food and beverage, beauty, and home goods [3]. - Companies like Emei Mountain A are providing free admission to their scenic areas for shareholders, aiming to increase shareholder loyalty and stimulate secondary consumption in response to declining visitor numbers [4]. - Other tourism companies, such as Huangshan Tourism and Xiangyuan Cultural Tourism, have also introduced similar exclusive benefits for shareholders, including free tickets and discounts on various services [4]. Group 2: Consumer Goods Companies' Engagement - At least 18 companies in the food and beverage and beauty sectors have launched reward activities, such as skincare gift boxes and commemorative liquor for shareholders [5]. - The strategy of using self-owned products for shareholder rewards is cost-effective and allows companies to reach a consumer base with purchasing power, turning them into brand advocates [5]. Group 3: Innovative Reward Methods - Companies are expanding the forms of rewards, with examples including movie tickets and backstage visits for shareholders from Hengdian Film and Television, and high-value items like iPhones and drones offered through lotteries by biopharmaceutical firms [7]. - These innovative approaches aim to integrate shareholder rewards with core business operations, enhancing emotional connections and brand recognition [7]. Group 4: Market Dynamics and Long-term Value - While physical rewards are gaining popularity, they differ fundamentally from cash dividends, which reflect direct profit distribution [6][8]. - Investors are advised to focus on a company's core operational capabilities, profitability, and long-term growth potential, as short-term market attention may not sustain stock prices [8]. - Historical examples from mature markets, such as Japan, show that physical rewards can enhance shareholder loyalty and promote consumption, provided they adhere to fairness principles [8].

□四川日报全媒体记者 彭瑀珩 11月28日晚，记者获悉，四川上市公司峨眉山旅游股份有限公司（峨眉山A）公告开展股东回馈 活动，活动期间，持有"峨眉山A"股票500股及以上的个人股东和法人股东代表可享受景区门票、 索道、免费泡温泉等福利，引发市场和广大股民关注。 记者初步统计，今年以来，已有30余家上市公司通过赠送核心产品、折扣券、文旅权益等形式与 投资者互动。 文旅影视企业主推场景化福利。浙江金华的横店影视推出"2025股东回馈"活动，向持股500股以上 的股东赠送观影券、旅游门票及会员卡优惠；安徽的黄山旅游推出股东专属福利，提供旗下景区 免票及餐饮、文创折扣；浙江杭州的宋城演艺主打沉浸式体验，邀请股东免费观看演出并走进后 台，近距离感受品牌魅力。 消费制造企业偏向以实物馈赠传递品牌温度。湖南的水羊集团按持股数分级送福利，持股5000股 以上即可获赠相关美妆产品礼盒；辽宁的盖世食品在夏季推出"消暑礼盒"，在回馈股东的同时又 征集产品改进建议。此外，新疆汇嘉时代向股东赠送自有品牌有机食用油、北京全聚德向股东发 放自营商品折扣券、浙江嘉兴五芳斋也于今年端午期间向股东赠送粽子礼盒…… 记者梳理发现，资本市场"宠股东 ...

Core Viewpoint - The capital market is undergoing a quiet transformation from cash dividends to tangible rewards for shareholders, with over 30 A-share companies participating in physical rewards, marking a 45% increase compared to the previous year [1]. Group 1: Physical Rewards "Trio" - Brand value is being tangibly integrated, with companies like Wufangzhai using QR codes on products to enhance brand engagement, resulting in a 230% average increase in social media exposure for participating companies [5]. - Companies are transforming shareholders into "product experience officers," with Tianyu Bio collecting over 2,000 feedbacks to optimize products, leading to a 40% increase in pre-sale volumes for improved designs [6]. - Strategic designs like Sichuan Changhong's "discount coupons" create a consumption-points-rights loop, increasing customer lifetime value by 65% and tripling repurchase rates compared to conventional channels [7]. Group 2: Innovation Behind "Offensive and Defensive Strategies" - Industry-specific strategies are being employed, such as Wufangzhai combining its products with cultural elements and Stone Technology providing cleaning solutions with their products [8]. - Leading companies are reducing reward costs through supply chain collaboration, with companies like Beiliang reducing marginal costs by 42% for exclusive products [9]. - Compliance risks are highlighted, with examples of companies facing scrutiny for non-compliant rewards, emphasizing the need for adherence to investor relations management guidelines [9]. Group 3: Future Competition - Digital empowerment is enhancing experiences, as seen with Bona Film's NFT movie tickets allowing shareholders to redeem physical tickets and merchandise [11]. - The C2M revolution is emerging, with companies like Dong'e Ejiao customizing products based on shareholder health data, achieving a 38% customer conversion rate [16]. - ESG values are being integrated into shareholder rewards, with companies like CATL embedding carbon credits into gifts, representing a shift in shareholder value perception [19]. Group 4: Critical Reflections - The physical reward trend faces challenges, including value disputes over inflated product prices and fairness concerns for minority shareholders [21]. - A suggested three-dimensional evaluation system includes ensuring the physical value does not exceed 5% of annual net profit, providing dual channels for participation, and maintaining transparency in reporting [21]. - The shift from financial rewards to future-oriented value creation is redefining the rules of engagement in the capital market, emphasizing the importance of product, operational, and innovative capabilities [21].

Core Points - The event "惠聚江岸便利永清美好生活季" successfully attracted hundreds of residents, creating a vibrant atmosphere for community engagement and local consumption [1][4][12] - The initiative is part of the "15-minute convenient living circle" project, aimed at enhancing urban governance and improving residents' quality of life [1][9][11] Group 1: Event Highlights - The event featured various attractions including food stalls, live performances, and interactive games, making it a family-friendly gathering [3][7][10] - Local businesses participated actively, offering promotions and free samples, which encouraged community members to engage and enjoy the offerings [6][7][12] Group 2: Community Development - The "一刻钟便民生活圈" service map was launched, highlighting 14 types of essential services available within a 15-minute walk, enhancing convenience for residents [9][11] - The community has conducted surveys to understand residents' needs, leading to the expansion of services and facilities in the area [9][12] Group 3: Future Plans - Upcoming developments include a Hilton hotel and a health management center, aimed at providing quality services to residents [12] - The series of events will continue until November, focusing on health education, policy advocacy, and community engagement to further enhance residents' satisfaction [12]